The one thing they forgot to consider was effectiveness, or risk cost, and many subsequently got burned. Several banks are again re-evaluating their credit processes, now with an emphasis on: lower losses streamlined operations

By focusing jointly on efficiency and effectiveness, banks can draw important lessons from the crisis and accordingly adapt to the new dynamics of credit demand and supply.

“Our mission is to be the leading international airline group. This means we will: • win the customer through service and value across our global network; • deliver higher returns to our shareholders through leveraging cost and revenue opportunities across the Group; • attract and develop the best people in the industry; • provide a platform for quality international airlines, leaders in their markets, to participate in consolidation; • retain the distinct cultures and brands of individual airlines.”

Invest in products and services that benefit the customers: - A380 - New business and first class cabins - New lounges - ...

Also, use technology to enhance the customer experience.

BA use technology to offer their customers a personalised and intuitive service across a number of platforms, allowing them to have as much or as little contact with them as they like.

Since 2012 290% increase in bookings via mobile devices.

BA have an app to deliver personalised, relevant and time sensitive travel information at the touch of a button.

In a first for the UK airline industry, BA began using iBeacon technology in their lounges to show useful notifications based on location, such as the gate numbers and flight boarding notifications.

The crew is equipped with iPads. The customer manifest is available electronically on the tablet. No more large stacks of paper. Flight attendants have all available information about every passenger at their fingertips.

Integrates 600 different systems and processes 250 applications 300 locations around the globe Real time data integration and caching End-to-end monitoring of interactions

In 2008, Meg Crofton, then president of Walt Disney World Resort, told them to root out all the friction within the Disney World experience. “We were looking for pain points,” she says. “What are the barriers to getting into the experience faster?” The idea started with a handful of insiders, jokingly called The Fab Five (reference to Mickey, Minnie, Donald, Goofy and Pluto).

The Fab Five were not just Imagineers, the demigods of fun who create Disney’s attractions. They also included high-level veterans of the company’s sprawling operations division, executives intimately familiar with the gnarly realities of running the park—from catching people trying to scam the ride-reservation system to making sure parents are reunited with lost kids.

Disney World invested $1billion on a magical wristband. Why? because it gives them the opportunity to create a frictionless, magical experience through invisible design.

The MagicBands look like simple, stylish rubber wristbands offered in cheery shades of grey, blue, green, pink, yellow, orange and red. Inside each is an RFID chip and a radio like those in a 2.4-GHz cordless phone. The wristband has enough battery to last two years. It may look unpretentious, but the band connects you to a vast and powerful system of sensors within the park. And yet, when you visit Disney World, the most remarkable thing about the MagicBands is that they don’t feel remarkable at all. They’re as ubiquitous as sunburns and giant frozen lemonades. Despite their futuristic intentions, they’re already invisible.

Part of the trick lies in the clever way Disney teaches you to use them—and, by extension, how to use the park. It begins when you book your ticket online and pick your favorite rides. Disney’s servers crunch your preferences, then neatly package them into an itinerary calculated to keep the route between stops from being a slog—or a frustrating zig-zag back and forth across the park. Then, in the weeks before your trip, the wristband arrives in the mail, etched with your name—I’m yours, try me on. For kids, the MagicBand is akin to a Christmas present tucked under the tree, perfumed with the spice of anticipation. For parents, it’s a modest kind of superpower that wields access to the park.

If you sign up in advance for the so-called “Magical Express,” the MagicBand replaces all of the details and hassles of paper once you touch-down in Orlando. Express users can board a park-bound shuttle, and check into the hotel. They don’t have to mind their luggage, because each piece gets tagged at your home airport, so that it can follow you to your hotel, then your room. Once you arrive at the park, there are no tickets to hand over. Just tap your MagicBand at the gate and swipe onto the rides you’ve already reserved. If you’ve opted in on the web, the MagicBand is the only thing you need.

It’s amazing how much friction Disney has engineered away: There’s no need to rent a car or waste time at the baggage carousel. You don’t need to carry cash, because the MagicBand is linked to your credit card. You don’t need to wait in long lines. You don’t even have to go to the trouble of taking out your wallet when your kid grabs a stuffed Olaf, looks up at you, and promises to be good if you’ll just let them have this one thing, please.

This invisible experience also flows into your restaurant booking. You order your food in advance on the web or with the Disney World app.

The restaurant lies beyond a gate of huge fiberglass boulders, painstakingly airbrushed to look like crumbling remnants of the past. Crossing a cartoon-like drawbridge, you see the parapets of a castle rising beyond a snow-dusted ridge, both rendered in miniature to appear far away. The Gothic-styled entrance is teensy. Such pint-sized intimacy is a psychological hack invented by Walt Disney himself to make visitors feel larger than their everyday selves. It works. You feel like you’re stepping across the pages of a storybook.

A host will greet you at the drawbridge and already know your name—Welcome Mr. Tanner! She’ll be followed by another smiling person—Sit anywhere you like! Neither will mention that, by some mysterious power, your food will find you.

“It’s like magic!” a woman says to her family as they sit. “How do they find our table?” The dining hall, inspired by Beauty and the Beast, features Baroque details but feels like a large, orderly cafeteria. Soon, their food arrives exactly as promised, delivered by a smiling young man pushing an ornately carved serving cart that resembles a display case at an old museum.

It’s surprising how the woman’s sensible question immediately fades. This is by design. The family entered a matrix of technology the moment it crossed the moat, one geared toward anticipating their whims without offering the slightest clue how. How do they find our table? The answer is around their wrists.